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theme in the fiscal cliff argument. >> if we raise taxes on the top two rate, a million small businesses who employ 25% of the work force it will cost us over 700,000 jobs and reduce economic growth, lower take home pay and those things. that is a bad scenario. >> the league negotiator on the republican side of the table facing mr. obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end
issues in general when it comes to the fiscal cliff. if you have questions about tax issues or comments about how taxes should be included in these discussions, he will be taking your calls. up next, we're going to have a look at republicans and the fiscal cliff negotiations with radio talk-show host and columnist armstong williams. that is coming up next as we continue the "washington journal." ♪ >> why a writers institute? i think it is very important within the culture. we are a culture of words, of voices. words are key to our imagination, our capacity to envision things. we ourselves are not completely tied to print on the page. but i think that there is no other art form so readily accessible other than perhaps -- but it is something -- there is something in literature that captures the humans. . >> this weekend, we look behind the scenes at the history and literary life of new york's capital city, albany, on c-span to and it c-span3. span3.c- [bell rings] >> this weekend on c-span3, follow harry truman's eldest grandson to hiroshima. >> everybody has their own view of what happ
, this fiscal tax, cliff tax cliff. lori: we're with you. >> not going to happen. just not going to happen. there is no incentive to do so. lori: except for the fact shares evaporated so much from the $700 peak, right? >> yeah. the special dividend shows some assertiveness, financial strength, yes we have all the cash we can put it to work. at this point over the last three months apple shares have been down 17%. i think it is coming into question whether apple is the same apple that it was five years ago. melissa: for sure. >> it could certainly signal something but not going to happen right now. lori: appreciate that report. thanks, shibani. melissa: as more investors look for inflation hedges, hedge funds and endowments are hiding or adding hard assets to their stock portfolio. one to look at is medallion financial. robert gray spoke exclusively with the company's president. >> that's right, melissa. you can literally hail it as a public proxy for assets whose meter is running higher than other asset classes for decades. investors have long thought stock tips by cab drivers signal ad ma
to the battle over the fiscal cliff. much of the debate has centered on the question of whether to raise tax rates on high income earners. but many experts are also raising questions as to whether major tax deductions should be limited or even eliminated entirely. the newshour's economics correspondent paul solman was in washington recently to examine the possible impact of such a change. it's part of his ongoing reporting, "making sense of financial news." reporter: at saint martin's catholic church last thursday, they queued up early for clothing and food. the church, like any nonprofit, relies on charitable donations. but limiting or even charitable deductions could be part of a deal to avoid the fiscal cliff. one man of the tax policy center says given our national debt? sort of tax hikes are inevitable. >> one way is to tax the same income we have right now but get more revenue. the alternative is to tax more. get rid of the deductions and the exemptions, the things that reduce or taxable income. we tax more at today's rates and we bring in more revenue. >> reporter: itemized deductions
of course and the prospect of increased taxes as we get closer to the fiscal cliff. looks like everybody's taxes are going up no matter how this thing is comes out. consumer spending accounts for more than 2/3 of economic output. especially important at this time of year of course when a lot of sectors in all of these areas have been struggling, here is a bit of good news. martha: okay. take it. bill: not a lot. if you're driving on the road, thanks to shrinking demand manned lower fuel prices gas is sinking like a stone. a drop of 34 cents in the past month. in st. louis, drivers paying just over $3. even l.a. is paying 3.68. which is below four bucks where they have been for a very long time. even further drops expected in the coming days. martha: a devastating loss this morning. jennie rivera, the mexican american singer on the verge of crossing over to this country in u.s. popularity is presumed to have been killed when a private plane crashed in monterrey, mexico. authorities have not confirmed her debt. her relatives say they have few doubts she was on board that plane. she was hea
. >> thanks, andrea. we talk a lot about your taxes going up buzz because of the fiscal cliff but your kids could suffer too. the impact on the classroom. that's coming up at 6:07. good morning. you're watching 9news. >>> welcome back. if your kids are getting new bikes for christmas, we have a great place that you can donate one of their old ones. here's an example of one of the old ones that's getting donated. joining us is winston and juang. why did you decide to get involved with this and do this effort? >> i started this charity about seven years ago with our -- our mom and i went over to africa. i saw a lot of people walking and in particular i saw all the women walking. it really had an effect on me because it reminded me of my grandmother. i wanted to know how i could help these people. my first thought was to send them cars or to send them food but nobody has an old car to give and food is just temporary. so i thought why not give them a bike because a bike can be used anywhere. it can be a means of transportation. it was a great solution. >> you guys have a pretty big goal this ye
's mind right now. with about four weeks to go before that fiscal cliff of tax hikes and spending cuts gets triggered, negotiations still appeared at a standstill on tuesday. karin caifa tells us where everything stands. >> in the midst of a standoff with capitol hill republicans, president obama told bloomberg news that the latest plan put forth by house speaker john boehner, simply doesn't add up. the >> speaker's proposal right now is still out of balance. he talks about, for example, eight hundred billion dollars worth of revenues but he says he will do that by lowering rates. when you look at the math, it does does not work. >> not work. as negotiations as negotiations to avoid the so-called "fiscal cliff" continue, republicans were equally dismissive of the last proposal from the president. >> his proposal was so outlandish i don't think we should go back to the table until he puts something there that we can work with. >> the key sticking point between the two sides hasn't changed -- tax rates for the wealthy. >> the math is clear. the only way to accomplish these things
, pat. >> good to see you. >> and in the midst of this fiscal cliff frenzy, everyone is talking taxes but is anyone really talking about spending cuts? that is supposed to be half the deal to avoid the cliff. president obama doesn't want to talk about spending cuts. congressman aaron schaak is on the house, ways and means committee. good evening, sir. >> good evening. >> what about the spending cuts? >> the president made is very clear during his campaign he wanted a balanced approach. he talked repeatedly about raising taxes on the wealthy. he continues to talk about raising tax on the well think. >> the tax rate. >> right, the tax rates on the well think and beyond raising taxes on the well think, tax rates on the well think, he said he wanted a balanced approach etch said during the campaign he wanted $2.50 in cuts for every $1.50 in revenue. yet you saw the only proposal come from him sense the election was four dollars in revenue for one dollar in cuts. it was $1.6 trillion in revenue and $400 trillion in cuts and $300 trillion in additional stimulus spending in addition to that.
weeks there, and no deal happens and the fiscal cliff hits and we've got the largest tax increase in history and the markets plummet and he's sitting over there splashing in the surf, i don't think he can do it. >> i wonder what other nations think about us? this is, you know, is it a terrible problem we are going through right now, but we look like we can't handle our own business. we can't talk to each other, we can't figure out our own economics, and i can't think what kind of morale authority do we have in the world when we look so pathetic, so pathetic in terms of how we handle things and the fact that we don't? >> the problem with the american people is today they are -- greta, they are as deeply divided and polarized as we have almost ever been. look what boehner is could go right now in making a deal. he's violates his fundamental principles. he's violatings a commitment he made to the american people. he's doing something that he thinks will hurt the american economy, $800 million of tax on job creators, he's splitting his party, he's demoralizing his base and he's doing
on a fiscal cliff deal. meanwhile, the president said he's confident republicans will cave on the tax increases. we'll discuss the fiscal cliff with our "morning joe" panel. >>> and now, mercifully, i need your help. are you with me on this one? the phrase fiscal cliff, i'm over it, time's up, date reached on the expiration, nails on the chalkboard annoying. can't we be a little more creative? this is where you come in. e-mail your alternative to the phrase "fiscal cliff," and i'll use the best one tomorrow on our show. we won't use fiscal cliff, i promise. so far, my best, budgetary bluff? yeah, the bar's been set very low. >>> up next, we'll huddle around the water cooler, where jon stewart stepped out of his comfort zone with an eminem-inspired rap for the michigan protesters. >>> well, enough with the real news. let's gather around the water cooler. and first, a little moment of silence. louis louis, who wouldn't miss a second of on-camera opportunity has been talking to the porcelain god all night. not sure why. we wish you the best, louis. see you tomorrow morning. >>> well, a d
, going off the so-called fiscal cliff means a tax hike for just about everybody who does have a job. treasury secretary timothy geithner said the president is absolutely welling to go off the cliff unless republicans agree to raise tax rates. >> there is no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. only 2%. >> reporter: on that no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week, but they say one sign of progress, the president and the speaker of the house spoke via telephone. neither side would give any details about what was said. the stock market closed higher with traders optimistic a deal will be reached. jonathan karl, abc news, washington. >> amazing a phone call can calm the markets. impressive here. what i thought was interesting. we talked how the house is scheduled to go on vacation the 14th of the month. so actually there is a tighter deadline than the 31st. apparently, house majority
with the president's position on tax hikes. furthermore, if this fiscal cliff happened 23 days from now, the president, if he doesn't do anything, those bush tax cuts expire, no negotiation at all. the bush tax cuts expire and the defense cuts go into place if the president basically doesn't return phone calls. >> speaking of polls, a lot of polls show if that happens, the republicans will be blamed for it, not the president. >> clayton: like 1995 all over again. >> mike: exactly. so representative randy forbes out of virginia says, maybe the president doesn't want an agreement really? listen. >> the president doesn't really want to get an agreement or a compromise, he wants to get his way and that's why he won't come to the table with any serious proposal and simply talk because i think if we do that, we can get a solution that everybody could live with. we're willing to sit down and negotiate and talk about the ideas and proposals, where is the senate and the president. the american people can hear what they're putting on the table and second realizing the senate and president are ju
had to say about the fiscal cliff. >> congress can avoid all of this bypassing a law that pass as tax hike on the first $250,000 on everybody's income. that means 90% of americans and 90% of small businesses wouldn't see their income taxes go up by a single dime. even the wealthiest americans would get tax cuts on the first $250,000 of their income. and families everywhere would enjoy some peace of mind. >> clayton: i think that republicans agree and a number of republicans say this, they're in a poor bargaining position. they he lost the election and polls show most americans agree with the president's position on tax hikes. furthermore, if this fiscal cliff happened 23 days from now, the president, if he doesn't do anything, those bush tax cuts expire, no negotiation at all. the bush tax cuts expire and the defense cuts go into place if the president basically doesn't return phone calls. >> speaking of polls, a lot of polls show if that happens, the republicans will be blamed for it, not the president. >> clayton: like 1995 all over again. >> mike: exactly. so representative randy
'm larry custody low. this is kwoez custody. all right. some possible optimism on the fiscal cliff. the gop seems to be in a strategic retreat and is likely to allow middle class tax cut bill to pass before december 31. now that's what my washington contacts are telling me. there are many bells and whistles. i believe that's likely. the president went to detroit today to send the fiscal plan and came out against the michigan right to work effort like he did in wisconsin and he's going to lose this one in michigan. meanwhile the economy and jobs are improving but the use of budget busting food stamps continues to soar. could the aggressive food stamp reason why? wait until you hear some of the radio ads. >>> proeb jumped head first into a right to work law today in michigan. eamon javers has the details. good evening. >> reporter: good evening. we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and b
in america so in a year from now we will have a worst fiscal cliff and that is the real fiscal cliff $16 trillion debt which the tax you have 200,000 less jobsve next year and the people voting for that will be responsible and held accountable for the public policy. >>neil: you have been talking about freeing out to the middle-class. for and reason in the last election republicans lost the middle class. they seemed to get stereotypes as the party that appeals only to the well-to-do. what i am asking you, how do you change that? the perception sticks in the eyes of some. >>guest: first of all, we need to understand the middle class makes us different and exceptional. every didn't has rich people but what makes us different in history is we have a broad based vibrant middle class. it is not just people in the hill class but millions of people that are trying to get to the middle class. i rely on my occupy life experience. my parents worked in the service industry, immigrants, they did not make a lot of money, a bartender and maid and they owned a house and a car. today all four of their ch
on the fiscal cliff negotiations. after that, in look at the estate tax which is set to go up at the end of the year unless congress and the white house at. "washington journal" is live this morning at 7:00 p.m. eastern on c-span. >> today, politico hosted discussion with bob woodward, author of "the price of politics," and margaux rubio. mike allen moderates the discussion. see it live that to it -- at 8:10 a.m. eastern on c-span 3. >> this weekend, on c-span 3, american history tv, follow harry truman's eldest grandson to hiroshima as they prepare to mark the dropping of the atomic bomb. >> i don't want to argue to argue. at think we're past that. my whole purpose for being here is to honor the dead and to do what i can to visit the southern half. >> clifton truman daniel will join us and talk to us about the inspiration for his trip sunday and 9:00 p.m. eastern on c-span 3. >> the campaign to fix the debt held a forum-today on health care costs and the tax code. next, senator max baucus called on congress to extend the bush era tax cuts on incomes under $250,000. this is 15 minutes. >
for the last three years and you probably think that the fiscal cliff would not address these things. >> gretchen: don't you recall that the president said he had no interest in speaking to republicans until they agree to the tax increase on the top two percent wage earners . so that really doesn't. maybe he and jay carny hasn't had meetings. maybe they are not on the same page or maybe it is on purpose. to send out a different message. >> steve: the message in the legislate in the great state of michigan was loud and clear. both houses passed bills that makes michigan the 24th right to work state. it would ban manddatory unidues and this is a major blow to organized labor. it is home to united autoworker and it is ford and gm and chrysler and this changes a lot for the people in michigan. >> gretchen: this is a huge epic fight. the idea that michigan is a right to work state. indiana did it 10 months ago as you know. but there is a gop house and i believe the senate is controllled stunningly by republicans and look at this revolt now. this is similar to what we saw in wisconsin . wh
of the fiscal cliff, we are going to have $270 billion in tax hikes that start effective january 1. thank you, obamacare. nancy pelosi has said that if you want to find out what's in it, just pass it. we are finding out and we are going to have a terrific group of people, including john cruz, the vice president of hsbc, who is the whistleblower on the $1.9 billion in fines if they just had to pay for money laundering along with middle eastern terrorists. mexican drug cartels, african dictators, all of the really nice people that they had no idea where problem. by the way, nobody going to jail will be taking that up. we will have coming up next. tracy: all right, "lou dobbs tonight" at 7:00 p.m. and 10:00 p.m. eastern. when we come back, how to beat the street. covering your assets with tips with picking winners on wall street. stay with us you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon
that there is additional tax revenue in any fiscal cliff deal, right? >> jon, no question about that. they have been consistent from the very beginning. the president ran on the upper income americans paying more taxes as part of this deal. we heard more from chuck schumer on "fox news sunday". >> we democrats realize that there have to be two sides to this bargain but we're not going back to what we did in 2011. we both revenues and cuts on the table and ended up with just getting cuts because the other side wouldn't accept the revenues. >> reporter: a lot of folks on both sides feel like this is critical week. we're getting close to the end of the year. you need to give lawmakers a chance to put whatever deal it nice legislative language and sell to constituents and ultimately vote on it and hopefully send it to the president's desk. jon. jon: we'll see what happens. not a lot of time left. mike emanuel, thank you. jenna: another u.s. drone strike delivering a blow to al qaeda. we're learning about this for the very first time today. pakistani intelligence reporting the strike late last week took
as part of a plan to avert the fiscal cliff. >> we must reform the job killing tax code by getting rid of loopholes. our goal should be to create new taxpayers. the gop commented raising taxes won't solve the nation's 16 trillon dollar debt. the potentialal candidate in 2016 he said only economic growth and reformingen titlement programs can control the debt. >> the former florida governor said is he a democrat now. he announced that last night. he posted a photograph where he was holding a voter application. the times reported that he signed papers to change to democrat at a christmas reception at the white house. >> yesterday marked the 71st anniversary of the pearl harbor attacks and many paused to remember that faceful day. in hawaii there was a moment of silence. that surprise attack killed about 2400 people. it was the start of the united states involvement in world war ii. >>> in alameda pearl harbor survivors took part in the ceremony at the coast guard island. the 21 guard salute honored the survivors, they are still fresh for the men who were there. 91-year-old was on the w
have had to report on the posturing and talking point known as the fiscal cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here from europe 40 years ago and instantly felt the warm embrace of a truly generous and free society and now i see america galloping down the european road. we have already reached european levels of debt and our leaders give as political pablum. we deserve better than this. the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" will not walk away from t
. whether we go over the fiscal cliff or whether the president gets his way on raising taxes, tax rates, that is, taxes will go up significantly on small businesses. the president would like us to think that raising these taxes is no big deal. it will just hit people who already have a lot of money and who can -- quote -- "afford to give a little more." as president obama put it in using his own finances as an example, absent tax increases -- quote -- "i'm able to keep hundreds of thousands of dollars in additional income that i don't need." with due respect, this is an amazingly naive understanding of tax rates and their impact on economic growth. it assumes that all of the people hit by these higher tax rates are wealthy wage earners, c.e.o.'s, and financiers. it completely neglects the impact on small business income that will be subject to these individual rate hikes. here we are christmastime and the democrats want santa to put coal in the socks of all the small business people. even president obama acknowledges that two-thirds of the new jobs in our economy are created by small bu
into the fiscal cliff meaning that neither party will let the tax cuts expire. i think republicans are going to stay at a retreat and voting to extend the middle class tax cuts. that will avoid the miss kal cliff situation. and i may not like this deal at all. one reason stocks are behaving wellky well. speaker john boehner is pushing the president to offer spending cuts. so with 20 days to grow, is this likely? am i going to be proven right or whong? larry, we are going to avoid the fiscal cliff resection. the white house is acting with impunity right now. and the white house is so far said look, we want to continue talking about one quarter of the president's own architecture. the president said there was a three to one ratio between savings and cuts and revenue. but they have been silent on this. >> little bit of breaking news. >> wow, the studio is shaking. mr. bhoener is at $800 million. no new information on then ti e ti tiltment. i'm suggesting. it is a game of chicken. neither party can afford this kind of recession. after what we've been through we can't take it. if that meanstendin
not faced a grand jury or been indicted. >>> let the countdown continue. 26 days until the fiscal cliff. the focus has been on taxes but that's only half of what this is all about. the other ways you could be affect, coming up. to test the 2.0-liter turbo engine. [ engine revs ] ♪ [ derek ] 272 horsepower. the lightest in its class. the cadillac ats outmatches the bmw 3 series. i cannot believe i have ended the day not scraping some red paint off on these barriers. ♪ [ male announcer ] the all-new cadillac ats. your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, potato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. sven's home security gets the most rewards of any small business credit card! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses dese
of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic opportunity for job growth compared to the unemployment rate would be measurably more than that. we are down to go to million people in the program. it is falling each year. i expected to fall even more than that in the next year. there are also limits to how much emergency you can collect. there has been some good wor
cliff, we know capital gains tax rates are going higher, right? right? that's obvious. do you think the republicans have the power to keep those capital gains rates down? apple's become a referendum on the president's power. right now he has the upper hand, then he can really roll them and intends to do so. it's reasonable to take some profits so you can pay the tax man more now rather than later. it's a wimpy thing, it's logical, makes perfect economic sense. so the stock gets hammered. it makes sense to sell it. but let's be less emotional and even clinical about this one. first, divide apple's share price by ten, now you have a stock that got crushed down to $54. when you do that, it isn't all that scary, is it? where does the pessimism fit in? when we have to endure the pin the tail on the selloff game, what excuses for the selloff myriad alibis i hear from today's action. apple's losing share to google, it doesn't have the right phones in europe, nokia's making a comeback, the mini isn't selling, there's no special dividend, we've got a stock chart that is the -- >> sell, sell,
the fiscal cliff. republicans are saying hey, let's continue the bush tax cuts, let's make this fair for everyone but let's stop spending. we are spending more than we have. democrats are saying now they are saying it doesn't matter, we are not focused on the deficit anymore. we want to keep spending so we're going to raise taxes. >> don't touch spending. if you touch spending do it five or 10 years down the road. let another congress do it. in the meantime raise revenues through tax increases. >> i hear my father's voice. we all grew up with our dads that they saved every penny they had. they came from that generation. my dad would never say ainsley just spend, spend, spend on your credit cards. don't worry about the debt? don't save a dime. if you were running a business your business would have been out of business. >> that's what scary. we love america so much and people are concerned where our country is going. >> email your questions at friends at foxandfriends.com. >> headlines. might be the biggest arrest related to terror attack in benghazi. the "wall street journal" reports
they have been hearing about higher taxes. i do think with all of the media coverage of the fiscal cliff, consumers are starting to recognize that there is something going on. i think people are more aware. i still think those people feel like something will get done at the last minute. i think they are aware that there are some risks out there. melissa: michelle, you are fantastic. thank you so much. >> thank you. take care. adam: some people think investing sometimes is too good to be true. what is the government's (in nailing steve cohen? charlie: i do not think people are focused on the fiscal cliff. they will not be focused until you see the market sell off. the market believes there will be a deal. until the market trade-off -- adam: we have a guest who will be talking about that a little later on as we get closer to the end of the year. the investigation is still underway. charlie: when you see the market trade-off you watch people freak out. interesting thing about steve cohen, there is no more remarkable trader out there than this guy. say what you want to about him. if you look
that gives workers the right to not pay dues. >> steve: washington can't find a solution to the fiscal cliff . but someone who fixed budgets in the past know it is simple. >> if i raise taxes again i will have to do it in two or four years . people are going to leave. >> steve: find out how america's mayor did it straight ahead. straight ahead. feel a cold coming on? gretchen, you will be better in no time. we'll drink to that. >> you will be better in no time and all of my teases will rhyme today. "fox and friends" starts right now. ♪ ♪ "fox and friends". >> steve: ho, ho, hompt look who is here today eric boling. >> gretchen: you get your own personal lurch. >> eric: good to be here. >> steve: you will find out how booze, beer and wine can make you healthier. the news we have all waited for. >> gretchen: yeah, a lot of people waking up with a headache. now it makes sense why i drank so much last night. overnight a developing story. a medical chopper went down last night leaving three people dead. the chopper which is reggistered to rock ford memorial hospital it went down in a field .
the fiscal cliff in just over three weeks. one by one republicans are bowing to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase as a part of a deal to actually solve our problems? yes. we don't have a lot of cards as it relates to the tax issue before you're in. i mean, we have one house that's it. the presidency and the senate in the democrat's hand. >> since we agree with the democrats 98% of the people and 08% of the bush tax cuts i would get that off the table now. >> democrats insist taxes are going up on the rich no matter what. >> if you don't increase tax rates on the highest 2% of income owners you cannot generate enough revenue to have meaningful deficit reduction. >> republicans want big spending can you tell us to programs. >> we don't want to be back here in another year and another 10 years answering the same questions. >> as the talks continue on both sides americans from main street to wall street wait to see who will blink first. >> both sides are earring to wind down this crisis and head home for the holidays but no one wants t
principles. host: do they believe a recession could happen if we fall off the so called "fiscal cliff?" guest: they do. what we saw last year is business leaders were concerned that washington was not going to come together with a deal. and that it could end badly, but it was a more muted concern. they just trusted washington would get it done. given how quickly things happened last time, they are taking a much more active role. business leaders have come to washington to require a minimum height standard for the ride of the fiscal cliff. they want to make sure that members of either party who are speaking out are as close as possible to simpson-bowles. talk about real cuts, about real revenue. it's much more and ownership in the process this time. host: where does your group come down on regulations? guest: our job is to go out and get business leaders around the country more involved. the business leaders speak for themselves. business leaders are generally extremely influential in their home markets. there are the kind of people if that can give a member of congress moderate republican or
of the fight over that looming fiscal cliff focusing on tax rates we want to look at that claim, that claim specific to spending to see how it stands up with the facts. doug mckelway is live in washington with more on this story. >> reporter: good morning, jenna. the republicans claim democrats are solely focused on raising tax rates not spending cuts. democrats counter what we heard from nancy pelosi. democrats agreed to over a trillion dollars in cuts as part of the budget control act in 2011. indeed hear is the document. letter from cbo to spiker boehner laying out $915 billion in cuts between 2012 and to 21. the brookings institution it is a fact, she says pelosi was right. listen up. >> there are two different conversation going on about these numbers. one is about the cuts that are already embedded in law which is evidently what nancy pelosi was talking about and they are absolutely embedded in law and there is no question about them. >> reporter: but not so fast. keep in mind that these numbers were derived from baseline budgeting that is a washington gimmick that no family balancing
for their presents. they don't know what that's going to look like. will the fiscal cliff affect your personal situation? only 6% say not at all. so you're starting to get closer to the line here and becoming more concerned. >> i said about the top, 22 days. but you get a paycheck. i get a paycheck. a lot of people watching us right now get their paychecks and see those deductions and payroll and that is all of a sudden becoming a big uh oh. >> and for people who process payrolls, it's actually december 14th, they say. they need to know for the software systems, for the way they're cutting your check for the beginning of the year, this is what the processors association basically says. they say, the american payroll association, a delay in legislature beyond december 14th doesn't give all businesses enough time to update for early january paychecks. they say it's worse if you delay a decision a few months because they can't figure out how to go back and change your withholdings. it's all kind of a software nightmare. >> it's going to be up to us then? our deductions won't be what they should b
was worried about paying higher taxes next year because of the fiscal cliff and he's apparently going to stay at his job. >> even with that cliff, i think you'll be all right, dude. congratulations. >>> coming up after the break, her death was a huge loss to the music world and fans throughout the world. we'll go live to los angeles to talk to our media consultant. about what jenni rivera meant to the hispanic community and the world of music. >>> but first, an amazing breakthrough. how researchers are using hiv to help fight cancer. it's coming up on "world news now." >>> "world news now" weather brought to you by consumer cellular. weather brought to you by consumer cellula cellular. >>> a dramatic new direction in fighting cancer is now raising hopes of finding a way to eliminate the disease altogether. >> this is just unbelievable. doctors are using the virus that causes aids to reprogram patient's immune systems. chief medical editor dr. richard besser explains. >> reporter: emma's leukemia seemed undefeatable, no treatments left, and she was only 6. then in april, a last gamble using hi
was an empty letter. >> when it comes to fiscal cliff that's threat nick our economy and threatening jobs, the white house has wasted another week. >> tax cuts is what caused the fall of the united states from super power status. >> this president just won a big election and you would think that he would want to lead. >> we've had the election. the president was clear in the campaign that he was advocating and fighting for the middle income tax cuts. >> tax cuts. the whole premise of tax cuts is going to be blamed for all of this economic mess. >> this is a moment of truth. the clock is ticking, christmas it coming, the goose is getting fat. in many homes across america, it's a very, very lean time. >> the reports indicate that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. >> greta: with us is co-host of the five, greg gutfeld. he has a new book out, the joy of hate. he's been on a road trip having a book tour, so he has been talking to lots of people and they have been talking to him. so we want to know. are americans frus
to be done? >> i totally agree. the thing that's depressing about the fiscal cliff plan, we will change the tax code, change this, a tax on gas to help the energy industry, all this stuff has receded into the mist and all we're trying to do is get a deal and be done with this. it is sad. in the beginning of a second term, you should be trying to do big things. >> politics often gets in the way. these guys agree behind closed doors what should be done but nobody wants to step out on the ledge and say it publicly. >> right. you have a polarized congress. at this point, both sides think the other side is not on the level and they're interested in taking the partisan political position than accomplishing a bipartisan result. the good thing is high skilled immigrants. hard not to find someone on both sides that don't think you should allow folks that have expertise in science and technology into the country. instead of doing it, both sides use it as a lever in the immigration debate and keeps getting spooled up inside that debate and nothing gets done. >> haven't the republicans been passing
need tax reform. immigration and tax reform post the fiscal cliff will create a legacy and may see congress doing something. >> that is why it is so important that they figure out a way to come together before the end of the year hopefully. if the environment is poisoned like it was after the stimulus, after the health care debate, the next four years will be ugh low. >> that's true. the higher number of women increases the chances. we will see. >> i saw the women here smiling. we were talking about how collaborative they were. the guys, not so much. >> we don't smile. i agree. the more women the better. i'm agreeing with you. can i say nothing? i said the more women, the better. i'm agreeing with you. the more women, the less self destructive egos and getting to a deal. do you have a problem with that. >> no,i don't. >> go with it. i give up. >> all right. still ahead, hollywood mogul joins us on set and author sebastian younger will be here. more morning joe in a moment. ♪ for over 40 years, we've brought our passion for fine coffee and espresso to people everywhere. but one pl
about driving off the fiscal cliff, the president is in detroit to speak at a diesel engine plant about the fiscal cliff. he'll talk at detroit diesel which is owned by germany's daimler, on extending middle class tax cuts for workers to keep pressure on republicans to cave on this issue, this after the president and speaker boehner met at the white house yesterday. a spokesperson for boehner says today, quote: discussions with the white house are taking place, but we have no detail to share about the substance of these conversations. he adds that republicans are waiting on specific spending cut proposals from the president to get a deal on the fiscal cliff. but a few republicans now say that maybe the best strategy for them is to accept some higher tax rate that is the president is demanding, get that off the table and then come back to entitlement reform early next year when the president asks for an increase in the debt ceiling. then republicans will have a little more leverage. >> there's a hardening on the republican side. we're not going to raise the debt ceiling. we're not going
to the fiscal cliff, i think the right thing to do is to let the tax rates go up across the board, just like they agreed to do. i think we ought to have middle income americans as well as high income americans having a reduction of those tax rate cuts we saw. tracy: take more from my paycheck, let the fed put money into the system. does it make sense at the end of the day? shouldn't i keep my money, get out there and spend it and let the fed keep theirs? >> well, that's, you got a good point, and i agree that instability and monetary policy is not very effective, and so i'm not looking for very much from the fed tomorrow. tracy: no, yao not alone, sir. wayne, former fed reserve governor, thanks for taking the time. >> you're welcome. tracy: all right. well, if you are fired up about this or any of the issues on the program, drop the show an e-mail at gerri@foxbusiness.com. >>> coming up on "the willis report," house speaker boehner and the republican accusing president obama of kicking the can down the road. >> the longer they slow down the process, the closer our economy gets to the fiscal
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